September 10, 2008
WE NEED YOUR HELP. PLEASE VOTE AGAINST THIS BILL. IN ADDITION TO EVERYTHING ELSE YOU WILL READ THIS IS "NOT A CONSUMER ISSUE". THIS IS A CONTROL AND FINANCIAL ISSUE. THE BROKERAGE FIRMS ARE LOSING $25 BILLION PER YEAR TO THIS PRODUCT AND WITH THE BABYBOOMERS GETTING READY TO RETIRE AND INHERIT THE WEALTH OF THEIR PARENTS THEY WANT NOT JUST TO BE ABLE TO OFFER THE PRODUCT, WHICH THEY CAN NOW, BUT TO GET CONTROL OF 100% OF THE PROFITS AND REDUCE MY PAY. WE HAVE TOO MUCH REGULATION NOW.LET THE INSURANCE INDUSTRY TAKE CARE OF THIS. THE BROKERAGE FIRMS WILL JUST HIRE INSURANCE PEOPLE TO HEAD THEIR DEPARTMENTS,SINCE BROKERS DON'T UNDERSTANT INSURANCE. HOW ABOUT ALL THE PEOPLE OF ALL AGES, EVEN TODAY, ARE LOSING MONEY IN THE STOCK MARKET AND MUTUAL FUNDS.WHERE IS THE SUITABILITY THERE.HOW MUCH HAVE PEOPLE LOST WITH FIXED INDEX ANNUITIES? SURE SURRENDER CHARGERS ON SOME PLANS ARE LONG BUT THERE ARE ALSO 4 AND 5 YEAR PLANS, EVEN LESS, THAT I SELL.IF THEY DO AWAY WITH LONG TERM SURRENDER CHARGES I WOULDN'T BE UPSET WITH THAT. ALSO MARKET VALUE ADJUSTMENTS: I DO BELIEVE ARE NOT UNDERSTOOD BY AGENTS,BROKERS OR MANY CONSUMERS, SO GET RID OF THAT ALSO BUT DON'T HURT MY FELLOW AGENT BY TURNING THIS PRODUCT OVER TO BROKERS WHO HAVE TOO MANY PROBLEMS NOW. ALSO DO AWAY WITH ALL THE DESIGNATIONS, A CROOK DOESN'T NEED A DESIGNATION TO TAKE ADVANTAGE OF SOMEONE. ALSO HOW MANY CFP'S,CLU'S ETC HAVE HAD COMPLAINTS COMPARED TO CSA'S.THAT WOULD BE INTERESTING TO KNOW.AS FAR AS CSA IS CONCERNED,YOU SHOULD GO TO A TRAINING CLASS TO UNDERSTANT THE VALUE OF THE INFORMATION TO AN AGENT. SO WHAT THAT A SHARP GOVERNMENT EMPLOYEE TOOK THE TEST AND PASSED IT.BIG DEAL THE POINT ISN'T HOW TOUGH THE TEST IS BUT THE CONTENT OF THE INFORMATION. IF I HAD TO QUESS COMPLAINTS HAVE BEEN ON THE INCREASE DUE TO POPULATION GROWTH AND CONSUMER DEMAND BUT I DON'T BELIEVE IT IS MORE THE 1% PER YEAR. SURE WE ALL WANT IT TO BE ZERO BUT 1% IS PRETTY LOW. THANK YOU AND I HOPE YOU DON'T MIND THE CAPS, I AM NOT A GOOD TYPER WHEN I AM UPSET ABOUT GOVERNMENT BEING USED FOR PROFIT, WHICH IS THE REAL ISSUE HERE. LET THE INSURANCE INDUSTRY TAKE CARE OF IT. PHILIP CARBINE